Surge in disposable income, rise in infrastructure investment in both the residential and commercial sectors, and growing inclination of customers toward modular furniture drive the global furniture market
PORTLAND, Ore., Jan. 24, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Furniture Market by Type (RTA, Residential, and Commercial), Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, E-Commerce, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2018 – 2025." According to the report, the global furniture industry was estimated at $583.15 billion in 2017, and is anticipated to hit $800.59 billion by 2025, registering a CAGR of 3.5% from 2018 to 2025.
Drivers, restraints, and opportunities-
Surge in disposable income, rise in infrastructure investment in both the residential and commercial sectors, and growing inclination of customers toward modular furniture drive the global furniture market. On the other hand, increase in raw material prices and environmental restrictions associated with deforestation impede the growth to some extent. However, development of eco-friendly raw materials, developments in the E-commerce industry, and upsurge in disposable income of individuals are expected to create lucrative opportunities in the industry.
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- Restrictions on the supply of raw materials and supply chain disruptions across the world impacted the global furniture market negatively, especially during the initial phase.
- Manufacturing activities were also distorted in the majority of countries. However, the market is expected to recoup soon, since the relaxations by the government bodies have again allowed the manufacturing companies to restart their process yet again.
The residential segment to dominate by 2025-
By type, the residential segment contributed to more than two-fifths of the global furniture market share in 2017 and is anticipated to retain its dominance 2025. Improved global economy has heightened the expenditure capability of consumers which, in turn, has escalated the sale of furniture items, thereby driving the growth of the segment. The commercial segment, however, would showcase the fastest CAGR of 4.5% during the forecast period. Rising government expenditure on public facility propels the segment growth.
The specialty stores segment to rule the roost-
By distribution channel, the specialty stores segment accounted for nearly half of the global furniture market revenue in 2017 and is anticipated to retain the lion's share by 2025. This is because specialty stores offer wide range of interior solutions to both the residential and commercial sectors. However, the e-commerce segment would cite the fastest CAGR of 5.2% during the forecast period. This is owing to the benefits offered by ecommerce solutions such as competitive pricing, payment security, payback offers, and others.
North America held the major share in 2017-
By geography, North America garnered the major share in 2017, generating nearly two-fifths of the global furniture market. Surge in disposable income of people and growth of the real estate and hospitality industries in the region drive the market in the region. Simultaneously, Asia-Pacific would portray the fastest CAGR of 5.7% from 2018 to 2025. This is attributed to the rapid growth of the commercial and hospitality sectors in this province.
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Key Players in the industry-
- Durham Furniture Inc.
- Masco Corporation
- Inter IKEA Systems BV
- Steelcase Inc.
- Okamura Corporation
- Haworth, Inc.
- HNI Corporation
- Kimball International, Inc.
- L. & J.G. STICKLEY, INC.
- Heritage Home Group LLC
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